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Trump Family-Backed Crypto Project Makes $1M Gain in ETH Following Tame Token Sale
World Liberty Financial slashed its fundraising goal from $300 million to $30 million last week.
Updated Nov 7, 2024, 3:15 p.m. Published Nov 7, 2024, 3:12 p.m.
- The company has sold 1.02 billion tokens at $0.015 apiece after adjusting its fundraising goal from $300 million to $30 million.
- Its ether stash has grown by $1 million after a 16% rise over the past few days.
- The token sale is still live although sales have slowed with just $364,000 being recorded since the start of November.
World Liberty Financial, the decentralized finance (DeFi) project backed by the family of the former president and now president-elect Donald Trump, has made $1 million in unrealized gains following a muted token sale last month.
The company slashed its fundraising goal to $30 million from $300 million on Oct. 31 due to lack of demand from investors. It has sold 1.02 billion WLFI tokens so far, around half of the new goal.
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But it's not all doom and gloom for World Liberty Financial as ether has risen by more than 16% since 01:00 UTC on Wednesday, turning the paltry $15.3 million it has raised, into $16.25 million. Etherscan shows that the token sale wallet has not liquidated any tokens and that it currently holds 4,234 ETH and $4.2 million worth of stablecoins.
Ether is currently trading at $2,818, its highest level since August, after a market-wide rally that came as a result of Donald Trump's win in the U.S. presidential election.
However, one of the key issues for World Liberty Financial is that the WLFI token is "non-transferrable" which means that investors can't liquidate or trade it with other assets for profit. This could change in the future in the event of a governance vote, although no timelines have been set.
Token sales have slowed of late with just $364,000 worth of WLFI being sold since Nov. 1.
The project was alleged as a "scam" by Skybridge Capital founder and managing partner Anthony Scaramucci despite being endorsed by Trump on X.
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